Upscale Magazine – Financial Makeover
Upscale Magazine (April 2009)
As part of Upscale Magazine’s Makeover Feature (April 2009), Shannon Nash served as the magazine’s financial expert in dishing out practical ways to cut unnecessary spending and saving money. “Cashing In” features Shannon providing a makeover for Tammy Garnes, a 37 year-old wife and mom of 2 in the Atlanta area. See the full article below.
Want Shannon to Do a Makeover For YOU?
- I am currently looking for your story to feature on this blog (as well as other potential mediums include: websites, magazines, podcasts, webinars, TV and radio).
- Participants will need to post a short comment telling me about your financial dilemma and why I should choose you for help (100 words or less).
- Three (3) people will be chosen for a makeover.
- Winners will receive a $25 American Express gift card and a consultation by me plus a follow-up to makeover their financial life.
- All entries are due by midnight PST on June 1, 2009.
- Besides listing your city/state and first name, please don’t include any other personal information. Don’t use your last name.
- By submitting to this blog, you agree to let your name, likeness and story be shared and reported in this blog and in other future stories and mediums (including other websites, electronic mediums and print mediums).
So scroll down and SUBMIT YOUR STORY in the comments section of this page! Be sure to keep your story to 100 words or less. Good luck.
Upscale Magazine April 09 (1)
Upscale Magazine April 2009 (2)
Legal Disclaimer:
By entering this contest you agree to release and hold harmless Shannon Nash, Nash Management Group Inc., and their respective parent companies, subsidiaries and affiliates, from any and all liability that may arise as a result of your entry. You acknowledge that your comment and related consultation for a makeover does not constitute legal, accounting or tax advice.
The Nash Chronicles 
My husband and I have 3 children and have been married 10 years. We have $22,000 in credit card debt, a house loan with $134,000 left on it and student loans of 40,000. We are in our late 30’s and haven’t saved much for college for our kids who are all under the age of 10. I have been a stay at home mother for many years and my husband works mainly as an independent contractor. We never seem to have anything left at the end of the month and as soon as we do save a little, something always happens. Help! What can we do to save more and spend less? How will our kids go to college? Should I go back to work? Childcare is so expensive and after paying it we almost break even when I work. What about retirement? That seems to be our biggest worry.
I got engaged recently and want to get off on a good foot with our finances. We are both under 30 and have a total of $82,000 in student loan debt from undergraduate and graduate school. Our 401K plans took a nose dive over the last few months and I have a child from a previous relationship that I provide child support for. We want to buy a house this year to take advantage of the tax credit and the good deals that are out there, but we only have $12,000 saved so far. We also have 2 car notes and 5 credit cards between us both. It seems like such a good time to buy a house, but are we ready? What if we wait too long and all the good deals are gone?
We’re a family of 5, with my daughter entering her senior year in high school in the fall. We then have 2 boys- 13 & 6. Shannon, we really need discipline. We have a small savings (around 10k) but, we don’t have a specific way of tracking our spending or planning for emergencies. We just go to Wal-mart,Target & grocery stores and regularly spend $200 or more on whatever we ‘think’ we need. Our sons are involved in sports which the costs can be anywhere from $200-500, depending on the league and sport. My daughter is involved in numerous activities that often require, payments here, and more money there. Although she works, and we require that she saves from her paychecks, we can’t offer her investment direction because we don’t know how to invest ourselves. We have no 401k or college funds, only a savings account.
Our credit scores are less than perfect as well. We’ve had a couple Bk’s amongst slow and no-pays. We’ve managed to narrow all the bills down to as minimal as possible, only now having the mortgage, both car payments/ins, utilities, and a credit card. But we’re still not utilizing the extra money to pay off any of the other things. Unfortunately we don’t qualify for a home equity loan to get the home improvements we need.
It just scares me with my husband’s lay-off (which we have faith that he will get another job soon) we will use that money until it’s gone. Then what? Needless to say, we need your help with a 12 mnth (or longer) plan that will FORCE the Allen’s to become more discipline with our spending. We want to tackle our credit issues so that we can improve our credit score, and qualify for our new home next year. Our daughter will be entering college only a few months after we relocate in the fall of 2010, we would like to have some kind of money set aside for her, even if it’s just to move her into her dorm, and pay for her books, etc. Right now, there is nothing put away for college. Shannon, we would love to become another one of your success stories.
Shannon,
First let me say, pick me. 🙂
Here’s my story. I’m a single mom with one child living in Los Angeles. Debt-wise, I have about $3K in credit card debt, 18K in student loan debt and a car note of about 16K. My credit score has gone up tremendously over the past 2 years (now in the low 700s and hopefully a little higher now with the new car note). Savings, I have about $3k saved in the bank, a 401K under $15K. I have a few financial decisions to make in the near future. First, I want to expand my business which will eventually mean leaving my full-time job. I want to prepare financially for that transition. Also, I am currently renting and want to either rent a larger space or buy property, but need more information before making a definitive choice. I would also like to begin saving for my 6 year old’s college fund and set up a vehicle that other family members can contribute to as well.
I need help prioritizing them all and getting an accurate financial snapshot that does not have feelings involved.
Thank you!
Keep your day job!!!!
I am a 33year old Single mother of two, who truly desires to leave an inheritance for my children. I use to have a credit score of 780 in 2002 and because of bad choices I am now in the low 550. I have been paying off my debt slowly but would love some advice on how to make it a lifestyle and not just a faze. I owe it to my children to create a future that has less “no we Can’t do that mommy does not have the money for that” and change that into “We were able to save all this money, lets go on a special trip” I need someone who will be real and address my real issues head on…
Thank you in advance for the consideration!
I am 38 years old, married, with two daughters, ages 1 and 2 3/4. We have a lot of debt…the exact amount, I do not know. I am afraid to find out. We have a mortgage, two car payments, tons of credit cards etc… I know I have a spending problem and have a very hard time saving money as well. Also, my 401k savings have lost a lot of money over the last year, and I don’t know what to do. I don’t want my kids to not be able to go to a good school or college because we don’t have the money. I am still paying off my graduate school loan and that does not seem to be decreasing. When I first got married, we paid off all my debt and my husband had none…now that is not the case. We need help and fast! We need help with a budget, saving and getting rid of debt. Thanks for your consideration!
Shannon,
I have seen what you have done for other families in similar situations and I’m hoping that you can help mine. My husband and I have been married for almost 13 years and we have little to no savings. My husband is self-employed and I have been a stay-at-home mom for the past 4 years. We have recently moved and our expenses have tripled and I’m watching my good credit score head south with no clue how to stop it. I know there’s a better way out there I just don’t know where to start.
I’m starting over, after a year of upheavals. I’m employed again after many months of unemployment. I don’t know what my current FICO score is, but I have arranged payoffs, or closed most of my accounts,to try to stop the assault of the creditors.I have one credit card with a 4k balance, and I have a small amount in a 401k(around 12k), and I’m in my early 40’s, have a child under 6, and little to no savings. I am working two jobs (one part time, one temp fulltime so no benefits).Now that I finally have an regular income , I want to make moves to safeguard my and my child’s future and get to a place where I can exhale after holding my breath underwater for so long. Please help guide me to my smarter future.I’m ready to get it right(smart) this time.
I am 37 year old single mother of two girls (18 and 15) with annual salary of 45k and responsible for paying for my own taxes. My oldest daughter is getting ready to prepare for college and I am ashamed to say that I did not prepare for this… With no emergency fund, no budget, and no stable saving funds for neither them nor myself and about $20,000 debt, a bankruptcy, and consistently late pays on bills. I fear that if something was to happen to me, my daughters will be alone to fend for themselves. Please help me to become a mature adult with budget and plan for a stable future.
We married in October 2008- both under 30, no children, yet. We are just maintaining month to month but now that we are planning for the future (i.e kids, buying a house, graduate school), we realize that some things have to change. In reviewing our recent credit reports, I know that our credit scores are well-below acceptable and that there is a plethora of adverse accounts being reported for each of us. How can we manage to meet our monthly financial obligations, including giving regularly to our home church, and improve our credit while integrating these additional commitments?
And the winner is….DRUM Roll……..
I would like to thank everyone for entering the Financial Makeover competition through twitter, this blog, facebook and via email. There were truly some serious stories of people needing real help and guidance. We hope to do similar competitions in the future to help even more people.
Now to the winners of this contest. I would like to Congratulate the following Winners:
1. Latoya (single mom of two)
2. Tricia (newly married no children)
3. Kim (married with kids)
4. Angela (married with kids)
* Note these was a tie so 4 people were actually chosen).
Stay tuned for future entries with individual profiles of these people/families and progress on their financial makeovers.
Congratulations to all of the winners!